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DFCM

Dark Forest Capital Management Portfolio holdings

AUM $1.13B
1-Year Est. Return 18.74%
This Fund
S&P 500
This Quarter Est. Return
+6.88%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.66B
AUM Growth
+$149M
Cap. Flow
+$50.1M
Cap. Flow %
1.89%
Top 10 Hldgs %
6.39%
Holding
1,542
New
400
Increased
350
Reduced
355
Closed
431

Top Buys

Rank Stock Value
1
L icon
Loews
L
+$17.8M
2
INDA icon
iShares MSCI India ETF
INDA
+$17.3M
3
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$16.4M
4
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$16.2M
5
WMT icon
Walmart Inc
WMT
+$10M

Top Sells

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$14.9M
2
NVDA icon
NVIDIA
NVDA
+$12.5M
3
BAC icon
Bank of America
BAC
+$12.5M
4
PANW icon
Palo Alto Networks
PANW
+$11.6M
5
AAPL icon
Apple
AAPL
+$10.5M

Sector Composition

Rank Sector Weight
1 Financials 18.09%
2 Industrials 14.85%
3 Technology 14.22%
4 Consumer Discretionary 11.61%
5 Healthcare 8.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
F icon
676
Ford
F
$55.7B
$1.18M 0.04%
+99,050
New +$1.14M
AMLX icon
677
Amylyx Pharmaceuticals
AMLX
$2.54B
$1.18M 0.04%
+86,795
New +$817K
UAA icon
678
Under Armour
UAA
$2.6B
$1.18M 0.04%
+236,078
New +$1.38M
PNTG icon
679
Pennant Group
PNTG
$1.36B
$1.17M 0.04%
+46,508
New +$1.14M
NEOG icon
680
Neogen
NEOG
$2.5B
$1.17M 0.04%
+204,976
New +$1.09M
HLIO icon
681
Helios Technologies
HLIO
$2.76B
$1.17M 0.04%
22,431
-86,540
-79% -$4.04M
HRI icon
682
Herc Holdings
HRI
$5.61B
$1.17M 0.04%
10,003
-3,943
-28% -$509K
LUV icon
683
Southwest Airlines
LUV
$23B
$1.16M 0.04%
36,480
+29,752
+442% +$973K
FULT icon
684
Fulton Financial
FULT
$4.64B
$1.16M 0.04%
+62,335
New +$1.18M
MIDD icon
685
Middleby
MIDD
$6.08B
$1.16M 0.04%
+8,733
New +$1.21M
DHT icon
686
DHT Holdings
DHT
$3.02B
$1.16M 0.04%
+97,079
New +$1.13M
WY icon
687
Weyerhaeuser
WY
$18.4B
$1.16M 0.04%
46,790
-74,733
-61% -$1.91M
CRDO icon
688
Credo Technology Group
CRDO
$46.6B
$1.15M 0.04%
7,929
-51,674
-87% -$6.32M
RYN icon
689
Rayonier
RYN
$6.55B
$1.15M 0.04%
+45,613
New +$1.09M
LMB icon
690
Limbach Holdings
LMB
$581M
$1.15M 0.04%
11,884
-6,163
-34% -$742K
NATL icon
691
NCR Atleos
NATL
$3.44B
$1.15M 0.04%
+29,292
New +$1.02M
ONT
692
Onterris Inc
ONT
$580M
$1.15M 0.04%
+41,916
New +$1.1M
PRAX icon
693
Praxis Precision Medicines
PRAX
$10.1B
$1.15M 0.04%
+21,684
New +$1.05M
ACI icon
694
Albertsons Companies
ACI
$5.83B
$1.15M 0.04%
+65,405
New +$1.28M
PGR icon
695
Progressive
PGR
$125B
$1.14M 0.04%
4,636
+3,798
+453% +$936K
BDN
696
Brandywine Realty Trust
BDN
$554M
$1.14M 0.04%
273,253
-251,090
-48% -$1.06M
WAL icon
697
Western Alliance Bancorporation
WAL
$8.87B
$1.13M 0.04%
13,028
+951
+8% +$80.6K
QTWO icon
698
Q2 Holdings
QTWO
$3.92B
$1.13M 0.04%
15,575
+2,490
+19% +$205K
WEN icon
699
Wendy's
WEN
$1.46B
$1.13M 0.04%
122,844
+80,456
+190% +$826K
SWK icon
700
Stanley Black & Decker
SWK
$15.7B
$1.12M 0.04%
+15,056
New +$1.1M
26 27
28
29 30

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Dark Forest Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Dark Forest Capital Management held 1,542 positions worth $2.66B, up 6% from $2.51B the previous quarter. Its ten largest holdings account for 6.4% of the portfolio.

Dark Forest Capital Management's Q3 2025 filing shows 400 new, 350 increased, 355 reduced and 431 closed positions. Its largest new stake was iShares MSCI India ETF: 324,340 shares worth $16.9M. The largest sale was Cheniere Energy, an estimated $14.9M.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 18% a quarter earlier, followed by Industrials and Technology.

  • Dark Forest Capital Management's largest Q3 2025 buy was iShares MSCI India ETF: 324,340 shares worth $16.9M.
  • Dark Forest Capital Management added most to Loews in Q3 2025, an estimated $17.8M increase.
  • Dark Forest Capital Management's biggest Q3 2025 reduction was Cheniere Energy, cutting an estimated $14.9M.
  • Dark Forest Capital Management fully exited Bank of America in Q3 2025, selling an estimated $12.5M.
  • Dark Forest Capital Management's ten largest holdings make up 6.4% of its $2.66B portfolio in Q3 2025.
  • Dark Forest Capital Management opened 400 new positions and closed 431 in Q3 2025.
  • Dark Forest Capital Management's portfolio value rose 6% quarter-over-quarter to $2.66B.

Based on Dark Forest Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.